The Faculty of Sharia/Department of Islamic Banking, in collaboration with the Islamic Finance Association, held an international conference titled "Behavioral Economics: Its Nature and Applications," under the patronage of the University President, His Excellency Professor Nazir Obeidat. The event was attended by His Eminence Sheikh Abdul Hafiz Rabtah, the Chief Justice, alongside a distinguished group of esteemed officials, scholars, and students, during the period of July 26-27, 2022.
In his opening speech, His Excellency the University President emphasized that behavior often determines many aspects of the lives of citizens and nations. He highlighted the significance of this important conference, especially its Islamic focus, which adds particular importance. He expressed the university's satisfaction in playing this vital role in partnership with a sector that has a significant impact on the lives of Jordanians, namely the Islamic banking and trade sector.
Dr. Hussein Saeed, General Manager of the Jordan Islamic Bank, underscored the deep and sustainable strategic partnership between the bank and the oldest university, the University of Jordan, as a source of pride and support for academic and scientific research endeavors.
Professor Adnan Mahmoud Al-Assaf, Dean of the Faculty of Sharia, pointed out the faculty's continuous commitment to organizing conferences and seminars, stressing the importance of the conference's topic. He mentioned that our noble religion guides us to care for moral and behavioral aspects in all areas of life, including the management of wealth as a means to achieve sincere worship of God, within a high-standard renaissance built on sound ethics and social justice. He praised the role of the Islamic Banking Department and the preparatory and scientific committees in organizing the conference and its activities.
Dr. Abdul Majid Al-Rahamneh, President of the Islamic Finance Association, stated that behavioral economics is one of the most important topics that should be the focus of studies and research in conferences and seminars, as it is a new field that requires more serious and rigorous studies that combine theoretical and practical aspects while considering national and ummah priorities.
Professor Hiyam Al-Zaydaniyeen, Head of the Islamic Banking Department and Chair of the Conference's Preparatory Committee, highlighted the importance of the conference in aligning Islamic economic thought with behavioral economics, in addition to utilizing applied research in behavioral economics to formulate financial systems and policies that assist in making correct decisions. She also provided an overview of the department, whose curriculum is designed to meet the needs of Islamic banking institutions and to fill the gap for qualified Islamic bankers.
The conference concluded with the following recommendations:
1. Encouraging further studies, research, seminars, conferences, and workshops, and benefiting from international practical experiences while paying attention to translating foreign writings to enrich the Arabic library in the field of behavioral economics.
2. Working on establishing Sharia-compliant regulations and standards to guide the application of behavioral economics procedures, serving as a legitimate reference tool for specialized Sharia supervisory authorities.
3. Incorporating the fundamentals and methodologies of behavioral economics into academic courses and programs.
4. Inviting public and private institutions to create subsidiary "nudge" units within their various departments to help achieve their main objectives.
5. Establishing a government "nudge" unit similar to international nudge units.
6. Raising awareness of behavioral economics and its importance in various aspects of life, as well as its role in improving the living standards of individuals and society, while emphasizing the originality of Islamic economics in influencing behavioral and ethical aspects.
7. Urging specialists in Islamic finance to pay attention to and prioritize behavioral economics, guiding it to contribute to the advancement of Islamic financial institutions and focusing on applied research to maintain leadership in Islamic banking.